Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi held talks with senior executives from Italy-based energy company Eni to review plans to increase crude oil production and advance the connection of Cypriot gas fields to Egypt’s infrastructure, as per a statement.
Badawi said the government is prioritizing the development of a business model that offers attractive investment incentives aimed at doubling crude oil production.
He stressed the importance of adopting unconventional working methods and deploying modern technologies to achieve a tangible increase in production rates.
The discussions also covered the status of the project to link Cyprus’s Kronos gas field to Egyptian facilities, within the broader framework of reinforcing Egypt’s role as a regional hub for energy trading and distribution.